Chapter 11. DA Card Executive (2)

Executive Yang Jae-eun spoke as if giving advice.

"There are things a new employee might not know, but organizations prioritize their own survival. Do you know what happens to whistleblowers in a company?"

"It doesn't matter. I'm planning to quit anyway."

"......"

Her expression turned slightly exasperated at my answer.

"If you've decided to expose it, why are you telling me?"

"Because if the issues are pointed out but not properly investigated, it's meaningless. A thorough investigation within the group and the punishment of those responsible are necessary. Additionally, once the scandal breaks, Premier Asset Management's CEO Park Tae-il will flee overseas. So, we need to catch him before that and recover the remaining assets as quickly as possible."

Indeed, CEO Park Tae-il fled to Vietnam just before the scandal broke, having hastily withdrawn the remaining assets from the fund. It was later revealed that he had been preparing to flee for several months before the redemption became difficult. He was extradited to Korea five years later, but no hidden assets were recovered.

Executive Yang Jae-eun asked me,

"Are you asking me to do this?"

"Yes. Once the scandal breaks, those responsible will try to delay the investigation by the Financial Services Commission and control the media to buy time."

Naturally, the person responsible is Executive Yang Jeong-wook.

He has already been chosen as the next chairman. The reason he moved to DA Securities is to build a track record for the board and shareholders.

And the most significant part of that track record is the Premier Fund. But what if it's a fraud?

It would be an unprecedented situation.

Who would agree to a financial group chairman who caused the company to lose hundreds of billions due to a lack of proper oversight?

If there's enough time, he might wait out the storm and return when things calm down, but there isn't much time left.

The current chairman, Yang Hyun-sung, is suffering from a brain tumor, a fact unknown to the public. He will die in four years, and Executive Yang Jeong-wook will take over the company smoothly.

"DA Financial Group needs to actively cooperate to ensure the media reports accurately and the Financial Services Commission investigates quickly. It would be beneficial for you as well."

"Can you take responsibility for what you're saying?"

Her voice was slightly trembling. She must have instinctively realized how significant this opportunity was.

"Of course. If I didn't believe it, I wouldn't have brought it up."

Executive Yang Jae-eun remained silent, deep in thought, and I waited for her to speak first.

"Do you have any expectations from me?"

"Yes."

Her expression suggested she had expected this.

"What are they?"

"First, the Premier Fund victims need to be properly compensated. The Financial Services Commission will recommend this once the scandal breaks."

There's no point in delaying the inevitable compensation. The larger the company's loss, the greater Executive Yang Jeong-wook's responsibility.

"And then?"

"I hope you will take full responsibility for DA Securities. The regular employees are not at fault."

Even with a 400 billion loss, it's not something the group can't handle. Given the amount of money already invested, this crisis can be overcome without the need for a sale.

"I can't guarantee 100%, but I'll do my best."

I nodded.

"Then it's settled."

She looked surprised.

"Is that all?"

I shrugged.

"What else do you need?"

She asked, clearly confused.

"What do you gain from this?"

In fact, I gain nothing from this.

No one will reward me for exposing the fund's issues. Instead, I'll face criticism and have to leave the company.

I can't ask for a position either, as that would make it look like I orchestrated everything from behind the scenes.

Well, I could ask for a bit of money on the side, but...

I smiled.

"I can correct a wrong, prevent something that shouldn't happen, and stop an unqualified person from taking a position. That's enough for me."

If Executive Yang Jeong-wook is removed, the likelihood of her becoming the successor increases. It's better to owe a favor to the next DA Financial Group chairman than to pocket some money.

* * *

The new DA Securities employee bowed and left.

Executive Yang Jae-eun, left alone, continued to ponder.

'What is this person really about?'

Despite his young appearance, his words and actions were far from those of a new employee.

He seemed confident in his beliefs and had a clear understanding of the impact of the scandal and the subsequent events.

She knew her brother's character well. Could she maintain her position if he became chairman?

She was skeptical.

If the scandal broke after he became chairman, it wouldn't cause much damage. He could sacrifice a few subordinates and escape.

'But if it breaks now...?'

She was born before her brother and started working for the group earlier. She believed she was more capable than him.

But the successor was her brother. The only reason: she is a woman.

A woman becoming the CEO of a financial group is unprecedented. She had given up on it.

But now, something she thought impossible is happening.

The DA Financial Group chairman position might change!

Executive Yang Jae-eun reviewed the materials the new employee had left.

'Is this really true?'

There were some suspicious transactions, but it was too early to judge the entire fund's condition.

If the investigation shows it's false, she could do nothing. If it's true...

'She needs to move the media and the Financial Services Commission to maximize the impact at the right time.'

Of course, Yang Jeong-wook would try to minimize the impact and shift the blame to the asset management company.

But he doesn't know this is coming, while she does. She needs to act decisively while he is floundering.

Executive Yang Jae-eun made a phone call.

"I need to check some bond transaction records. Find out who bought the private bonds of the companies I mention. Keep this investigation secret and confidential."

* * *

Chungheung Economic News.

A 50-year-old economic daily newspaper and part of the Chungheung Media Group, it also owns a cable news channel.

Economic reporter Min Hong-su was searching for news while eating lunch. In the past, he would gather information by sitting in front of companies, the police, the prosecution, and the Financial Services Commission. But in the 21st century, important information mostly flows through the internet.

'Today, it's just useless content again.'

Suddenly, he opened a newly posted report and was shocked.

[(DA Securities Report) Caution Advised for Premier Fund Investments]

(Excerpt) Numerous suspicious aspects have been found in the asset acquisition records of the Premier Fund. Despite claims that it only invests in public institution receivables, there is a high possibility that it has invested in the private bonds of troubled companies, requiring investors to be cautious.

Recently, IFN-K, which was suspended from trading on the KOSDAQ, issued a 300 billion CB, which was purchased by the Premier Fund. Additionally, companies like Paradise Peak, Eight Cash, YMC Money, and Nine Orion have direct connections to Premier's shareholders and executives, necessitating a thorough investigation by the Financial Services Commission...

"......Huh?"

After reading the report, he shouted.

"Senior! Take a look at this!"

His senior, Park Gwang-il, turned around.

"What is it?"

"DA Securities released a report on a fund... "

"What? Is it about a high-yield fund?"

"No, it says the Premier Fund is risky and investors should be cautious."

"What? You mean the Premier Fund with CEO Park Tae-il?"

"Yes, that's right."

Economic reporters knew about Premier.

CEO Park Tae-il was a well-known figure in the bond market, and Premier Asset Management was one of the most successful private funds in recent years.

Chungheung Economic News had even interviewed CEO Park Tae-il and written promotional articles for DA Securities.

"Is it saying a fund with over 1 trillion in assets is risky?"

"Yes."

"Who wrote this report?"

"The name isn't on the report, but it seems to be a new Research Analyst who joined this year."

"What? A new employee just posted this report on his own?"

It was unprecedented for a securities company to issue a cautionary report on a fund it exclusively sells.

"Is he crazy?"

"He doesn't seem crazy. The attached materials have some basis."

"Wait. Is it saying the delay in redemption is not due to the time it takes to sell assets but because there are no assets?"

"The report suggests Premier has bought private bonds from unlisted companies and calls for an investigation by the Financial Services Commission."

"He's really crazy."

At this point, it's not just a cautionary report. If the content is false, he could face legal action for spreading false information.

"Can we write an article about this?"

"We need to check with DA Securities first."

"Of course, they'll deny it."

"Probably."

It's better than writing a false article and facing complaints and corrections.

Just then, Section Chief Lee Yong-min rushed over.

"What are you doing? Write an article about the Premier Fund scandal report. We need to be the first to publish it."

"Really? Is this content true?"

"I don't know, but it seems our section chief has some information."

"Can we really write about it? Last time, we wrote about a consumer dispute with Dae-yeon Insurance, and Dae-yeon Group threatened to pull all their ads."

"Someone must have already talked to our section chief. Write the article and send it to me quickly."

"Okay, I understand."

Min Hong-su immediately started writing the article.